EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

Exhibit 12

 

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(In millions)

(Unaudited)

 

 

     Nine Months  
    

Ended

September 30,

  
     2003
     2002
  

Earnings:

                 

Income (loss) before taxes and cumulative effect of accounting change

    $ 6.6     $ (24.6 )

Add (deduct):

                 

Equity in income of non-consolidated affiliates

      (6.4 )     —    

Amortization of capitalized interest

      0.2       0.2  

Fixed charges as described below

      23.7       28.3  
    
 

Total

    $ 24.1     $ 3.9  
    
 

Fixed Charges:

                 

Interest expensed and capitalized

    $ 15.4     $ 20.4  

Estimated interest factor in rent expense (1)

      8.3       7.9  
    
 

Total

    $ 23.7     $ 28.3  
    
 

Ratio of earnings to fixed charges (2)

      1.0       —    
    
 

 

(1) Amounts represent those portions of rent expense that are reasonable approximations of interest costs.

 

(2) Income before taxes and cumulative effect of accounting change was insufficient to cover fixed charges by approximately $24.4 million for the nine months ended September 30, 2002.